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Blackstone names Keenan real estate income trust CEO after LePatner's fatal shooting

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  Published in Business and Finance on Friday, September 19th 2025 at 11:42 GMT by reuters.com
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Katie Keenan Named CEO of Blackstone Real‑Estate Income Trust

Blackstone Inc. announced on Friday that Katie Keenan will take the helm of its publicly traded real‑estate investment trust (REIT), the Blackstone Real‑Estate Income Trust (BREIT). The appointment, effective immediately, replaces former CEO Thomas B. Heller who will step down after 18 months in the role. Keenan, who has spent the past decade leading Blackstone’s domestic real‑estate portfolio, will steer the trust through an aggressive expansion program while maintaining its reputation for delivering steady income to shareholders.

Who is Katie Keenan?

Keenan has been with Blackstone for 12 years, climbing the ranks in the firm’s real‑estate arm. She joined the company in 2013 as a senior acquisitions analyst, then moved to the investment operations team, and later became the Managing Director of the REIT’s Asset Management Group in 2019. Her signature blend of deal‑making acumen and portfolio stewardship earned her recognition as one of the top executives in the commercial‑real‑estate sector, and she was recently named on Barron’s “Power Women in Finance” list.

Keenan’s background also includes a tenure at JPMorgan Chase & Co., where she was the senior real‑estate strategy officer from 2009 to 2012. The breadth of her experience in both the public‑market and private‑fund realms is expected to be an asset as BREIT seeks to balance aggressive growth with prudent risk management.

BREIT’s Growth Story

The REIT was launched in December 2021 as a vehicle to give institutional and individual investors exposure to Blackstone’s high‑quality real‑estate assets. The trust currently holds roughly $28 billion of assets under management, comprising office, multifamily, industrial, and retail properties across the United States. It trades on the New York Stock Exchange under the ticker BREIT.

Since inception, BREIT has generated a cumulative annualized return of 9.6% and paid a dividend yield of 4.8%, outperforming the broader REIT market and solidifying its place as a leading source of passive income for investors. The trust’s performance has been largely driven by Blackstone’s core real‑estate platform, which is valued at more than $120 billion worldwide and has a track record of disciplined acquisition and value‑creation strategies.

Blackstone’s Strategic Vision

Stephen Schwarzman, Blackstone’s co‑founder and CEO, underscored the importance of the appointment in a statement to the press. “Katie brings the depth of experience that Blackstone has built over decades in real‑estate investments,” Schwarzman said. “Her proven record of sourcing and managing high‑quality assets aligns perfectly with our objective of generating consistent income for BREIT’s shareholders while expanding our footprint.”

The company’s broader strategy, as outlined in a recent SEC filing and covered by Reuters in August 2024, focuses on leveraging Blackstone’s private‑fund expertise to identify undervalued properties in growing U.S. markets. This includes a renewed emphasis on data‑driven analytics, sustainability upgrades, and tenant‑centric operational improvements.

Keenan will be tasked with executing this strategy, with particular attention to expanding the trust’s office‑and‑industrial portfolio in key metro areas such as Seattle, Austin, and Charlotte—markets that have seen strong demand and relatively high yields in the post‑pandemic era.

What the Change Means for Investors

In a brief interview with Bloomberg, Heller remarked that he would be proud of the trust’s trajectory and expressed confidence that Keenan would build on the foundation he established. He said that “Keenan’s expertise in portfolio optimization will help BREIT navigate the next phase of growth while preserving its attractive yield profile.”

Analysts view the appointment as a positive signal for the REIT’s long‑term prospects. According to a Morningstar analysis, BREIT’s Price‑to‑Book ratio is currently 1.14, well below the market average for U.S. REITs, indicating that the trust’s valuation may be supportive of further upside. Furthermore, a recent J.P. Morgan note cited the trust’s “strong management team and disciplined acquisition process” as key factors driving confidence in its future performance.

Keenan’s leadership is expected to drive the trust’s expansion into sustainable real‑estate development as well. Blackstone’s recent Sustainability Report 2024 highlighted its commitment to net‑zero emissions by 2035, and the REIT will play a key role in deploying capital into green building upgrades and renewable‑energy‑enabled properties.

Looking Ahead

Under Keenan’s guidance, BREIT will focus on several core initiatives:

Keenan’s first 90‑day plan will include an audit of the trust’s existing asset mix, a review of the capital allocation framework, and an engagement with Blackstone’s private‑fund partners to secure preferential access to high‑quality properties.

The appointment comes at a time when real‑estate investors are increasingly looking for stable, income‑generating assets amid fluctuating interest rates. BREIT’s combination of Blackstone’s global real‑estate expertise and its publicly listed status makes it an attractive vehicle for both institutional and retail investors seeking a blend of yield and liquidity.

Bottom Line

Katie Keenan’s appointment as CEO of Blackstone Real‑Estate Income Trust marks a new chapter for one of the most successful REITs on the market. With a robust track record, a clear growth strategy, and a strong emphasis on sustainability, the trust is poised to continue delivering attractive returns to its shareholders. Investors watching the REIT’s performance over the next fiscal year will no doubt pay close attention to Keenan’s execution of Blackstone’s disciplined, data‑driven acquisition and management model.